Robust company creation in medical devices is the product of a kind of virtuous circle: a strong clinical and technological climate in a given geographic region gives birth to great ideas around which to build a number of companies. Interested venture capitalists come in to fund those ideas, launching myriad start-ups, who in turn, as they grow, nurture and develop the management talent needed to run even more new companies.
But when one or two of these components are missing, the virtuous circle turns vicious. Great ideas may exist in abundance, but if for whatever reason, investors stay away, not...